Miehm commented, "The NHS tabled a bill late last week to further control UK medical costs. While we have highlighted this risk for some time, we note that the impact on AMCo remains relatively unknown, so we have adopted a cautious stance and reduced 2017E revenues by ~$32MM and Adj. EBITDA by ~$26MM. While CXRX appears inexpensive, we have assigned a Speculative Risk qualifier given likely volatility. We also lower our price target to $14 from $25."

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